Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
As discussed in Note 2, Summary of Significant Accounting Policies, the majority of our leases are operating leases for our Company-operated Outposts. We also lease distribution, warehouse facilities, and corporate office facilities. We do not enter into material lease transactions with related parties. We categorize leases as either operating or finance leases at the commencement date of the lease. Operating lease agreements may contain tenant improvement allowances, rent holidays, rent escalation clauses and/or contingent rent provisions. We have lease agreements with lease and non-lease components, which are accounted for together as a single lease component for underlying classes of assets.
The table below presents the components of lease costs for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):
Year Ended December 31,
2024 2023 2022
Operating leases costs $ 3,937  $ 3,906  $ 1,579 
Short-term lease costs 309  335  201 
Total lease costs $ 4,246  $ 4,241  $ 1,780 
The following table includes supplemental information:
December 31,
2024 2023 2022
Weighted-average remaining operating lease term (in years) 9.6 9.5 9.0
Weighted-average operating lease discount rate 4.59% 4.48% 4.56%
Cash paid related to operating lease liabilities was $3,422 for the year ended December 31, 2024.
The total operating lease liability arising from ROU assets was $31,610 for the year ended December 31, 2024.
Finance lease assets are recorded in property, plant, and equipment, net with the corresponding finance lease liabilities on the consolidated balance sheet.
Minimum future maturities of operating lease liabilities as of December 31, 2024 were as follows (dollars in thousands):
2025 $ 3,932 
2026 3,848 
2027 3,757 
2028 3,659 
2029 3,665 
Thereafter 22,386 
Total lease payments 41,247 
Less imputed interest (9,637)
Total $ 31,610 
We have not entered into any operating leases that have not yet commenced as of December 31, 2024.
As discussed in Note 4, Property, Plant and Equipment, Net, the Company recognized a total impairment loss on assets related to our BRCC Outposts of $6,100, which consisted of approximately $2,600 for the carrying value of the related right-of-use lease assets. This total loss on impairment of assets is presented within “Other operating expense, net” in the consolidated statements of operations.
Leases Leases
As discussed in Note 2, Summary of Significant Accounting Policies, the majority of our leases are operating leases for our Company-operated Outposts. We also lease distribution, warehouse facilities, and corporate office facilities. We do not enter into material lease transactions with related parties. We categorize leases as either operating or finance leases at the commencement date of the lease. Operating lease agreements may contain tenant improvement allowances, rent holidays, rent escalation clauses and/or contingent rent provisions. We have lease agreements with lease and non-lease components, which are accounted for together as a single lease component for underlying classes of assets.
The table below presents the components of lease costs for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):
Year Ended December 31,
2024 2023 2022
Operating leases costs $ 3,937  $ 3,906  $ 1,579 
Short-term lease costs 309  335  201 
Total lease costs $ 4,246  $ 4,241  $ 1,780 
The following table includes supplemental information:
December 31,
2024 2023 2022
Weighted-average remaining operating lease term (in years) 9.6 9.5 9.0
Weighted-average operating lease discount rate 4.59% 4.48% 4.56%
Cash paid related to operating lease liabilities was $3,422 for the year ended December 31, 2024.
The total operating lease liability arising from ROU assets was $31,610 for the year ended December 31, 2024.
Finance lease assets are recorded in property, plant, and equipment, net with the corresponding finance lease liabilities on the consolidated balance sheet.
Minimum future maturities of operating lease liabilities as of December 31, 2024 were as follows (dollars in thousands):
2025 $ 3,932 
2026 3,848 
2027 3,757 
2028 3,659 
2029 3,665 
Thereafter 22,386 
Total lease payments 41,247 
Less imputed interest (9,637)
Total $ 31,610 
We have not entered into any operating leases that have not yet commenced as of December 31, 2024.
As discussed in Note 4, Property, Plant and Equipment, Net, the Company recognized a total impairment loss on assets related to our BRCC Outposts of $6,100, which consisted of approximately $2,600 for the carrying value of the related right-of-use lease assets. This total loss on impairment of assets is presented within “Other operating expense, net” in the consolidated statements of operations.